Currently viewing Global edition

Markets higher, miners mixed

Positive earnings and manufacturing data in the US lifted markets out of their glum mood but the positivity hasn’t necessarily flowed through to mining equities.
Markets higher, miners mixed Markets higher, miners mixed Markets higher, miners mixed Markets higher, miners mixed Markets higher, miners mixed

BHP's Olympic Dam in South Australia

Staff reporter

Gold remains above US$1,222 an ounce on the spot market but most base metals softened in London yesterday, with Marex Spectron expecting the complex to continue to see choppy price action amid ongoing macro uncertainty.

The S&P500 closed up more than 2%, the TSX Composite Index up more than 1% and the FTSE100 was also in positive territory yesterday.

Among mining equities, copper major Freeport-McMoRan (NYSE: FCX) was down more than 1%, roughly in step with the copper price.

On the FTSE100, the metals and mining sector closed down 0.45%.

The gold sector on the TSX closed down 0.76% yesterday despite bullion's recent bounce, while the diversified set was up 1.89% helped by Ivanhoe Mines' (TSX: IVN) rise of 3.32%.

Metals and mining stocks were lower despite general market positivity on the ASX at the time of writing.

BHP (ASX: BHP) was down about 0.9% in afternoon trade after today lowering its copper production guidance by 3% for the year to June 30.

Finally, Cornerstone Capital Resources (TSXV: CGP) rose more than 28% yesterday after BHP boosted its stake in SolGold, Cornerstone's joint venture partner at the Cascabel copper-gold project in Ecuador.